Nicolas W. Platt
About Nicolas W. Platt
Independent Trustee of Bancroft Fund Ltd. since 1997; currently one of two Trustees elected solely by holders of the Fund’s 5.375% Series A Cumulative Preferred Shares (not up for election in 2025) . Background includes capital markets and exchange-listing oversight; age 1953; education: B.A. (Skidmore College) and M.A. in Economics (Columbia University) . Serves on the NYSE American LLC Committee on Securities and in New Jersey public service (2018 property tax “Czar”; Mayor of Harding Township, NJ 2013–2016; current Township Committee member) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FTI Consulting Inc. | Managing Director | Mar 2009–May 2011 | International financial consulting expertise |
| WPP subsidiaries (Ogilvy Worldwide; Young & Rubicam; Burson‑Marsteller corporate practice) | Senior executive | Prior to Mar 2009 (date not specified) | Corporate communications leadership |
| New York Stock Exchange; American Stock Exchange | Leadership roles (13 years) | Not specified | At AMEX, oversaw domestic/international listing efforts; liaison to investment banking community |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NYSE American LLC Committee on Securities | Member | Current | Reviews continued exchange listing qualifications for companies |
| State of New Jersey | Property Tax “Czar” (bipartisan appointee) | 2018 | Policy oversight role |
| Township of Harding, NJ | Mayor; Township Committee Member | Mayor 2013–2016; Committee current | Local governance |
| Non‑public organizations | Board member | Not specified | Boards of several non‑public organizations |
Board Governance
- Board classes and tenure: Trustee since 1997; currently in class serving until the 2027 Annual Meeting .
- Committee assignments: Member, Nominating Committee; Member, ad hoc Proxy Voting Committee .
- Independence: Classified as an Independent Trustee (not an “interested person” under the 1940 Act); Independent Trustees meet regularly in executive session and chair all Board committees .
- Attendance: Board met four times in FY ended Sep 30, 2024; each Trustee attended at least 75% of Board and committee meetings; Audit Committee met twice in FY 2024; Nominating Committee met once in FY 2024 .
- Shareholder meeting attendance: Fund does not expect Trustees to attend annual meetings; no Trustees attended the May 13, 2024 annual meeting .
- Lead Independent Director: James P. Conn .
- Election nuance: Preferred shareholders elect two Trustees separately; Mr. Platt is one of these preferred‑elected Trustees .
Fixed Compensation
| Fee Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (Independent and certain Interested Trustees) | $8,500 | Paid by Fund |
| Board meeting fee | $1,000 per meeting | Four meetings in FY 2024 |
| Committee meeting fee | $500 per meeting | Nominating met once in FY 2024 |
| Audit Committee Chair | $2,000 annual | Not applicable to Platt |
| Nominating Committee Chair | $2,000 annual | Chair is Melarkey |
| Lead Independent Trustee | $1,000 annual | Not applicable to Platt |
| Period | Aggregate Compensation from BCV (USD) | Aggregate Compensation from Fund Complex (USD) | # Funds/Portfolios |
|---|---|---|---|
| FY ended Sep 30, 2023 | $13,000 | $27,000 | (2) |
| FY ended Sep 30, 2024 | $12,500 | $31,646 | (3) |
Performance Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs) | None disclosed | Trustee pay structured as cash retainers/meeting/chair fees |
| Option awards | None disclosed | — |
| Bonus/Performance metrics (TSR, EBITDA, ESG) | None disclosed | — |
| Severance/Change‑of‑control/Clawback/Gross‑ups | None disclosed | — |
Other Directorships & Interlocks
| Entity | Role | Interlock/Note |
|---|---|---|
| Gabelli Fund Complex | Trustee overseeing 3 portfolios | Cross‑fund governance within same adviser complex |
| NYSE American LLC Committee on Securities | Member | Exchange oversight function overlaps with Fund’s listing market—potential optics/conflict to monitor |
| Historical public fund boards (third‑party source) | Director at BCV; historical affiliations with ECF and GLU (insider trackers) | Reference sources: GuruFocus and Benzinga trackers |
Expertise & Qualifications
- Capital markets and exchange‑listing oversight (NYSE/AMEX listings; liaison to investment banks) .
- Corporate communications and advisory experience (WPP subsidiaries; FTI Consulting) .
- Public sector governance (NJ property tax task force; municipal leadership) .
- Education: B.A. (Skidmore); M.A. in Economics (Columbia) .
Equity Ownership
| As of Dec 31, 2024 | Shares Owned | % of Shares Outstanding | Dollar Range in BCV | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|
| BCV Common Shares | 250 | <1% (asterisked by issuer) | B ($1–$10,000) | C ($10,001–$50,000) |
Additional ownership context: Trustees and officers as a group held 3.5% of Common Shares (none of Preferred); total Common Shares outstanding 5,862,058 on Mar 13, 2025 . No disclosed interests in Adviser‑controlled affiliates for Mr. Platt (contrast table lists other Independent Trustees) .
Insider Trades
| Ticker | Insider | Transaction | Date | Quantity | Price | Source |
|---|---|---|---|---|---|---|
| BCV | Nicolas W. Platt | Sale (Form 4) | Dec 03, 2005 | −589 | $18.54 | |
| BCV | Nicolas W. Platt | Purchase (Form 4) | Sep 15, 2006 | +245 | $18.85 | |
| BCV | Nicolas W. Platt | No insider transactions in past 18 months | — | — | — | |
| BCV | Mario J. Gabelli (context) | Sale | Oct 20, 2025 | 1,000 | $23.43 |
Section 16(a) compliance: All required filings timely in FY 2024; no delinquent reports noted (FY 2023 had one late Form 4 by another Trustee, not Platt) .
Governance Assessment
-
Strengths:
- Long‑tenured Independent Trustee with deep exchange‑listing and capital markets expertise relevant to a listed closed‑end fund .
- Active committee roles (Nominating; ad hoc Proxy Voting), contributing to board refreshment and proxy oversight .
- Board and committee attendance thresholds met; structured audit/nominating governance and regular executive sessions of Independent Trustees .
- Clean Section 16 compliance record in FY 2024 .
-
Watch items / RED FLAGS:
- Low personal share ownership (250 shares; <$10k dollar range) may signal limited “skin‑in‑the‑game” alignment relative to fund scale .
- Membership on NYSE American LLC Committee on Securities while BCV is listed on NYSE American introduces a potential conflict/optics risk; requires ongoing monitoring and disclosure of recusals as appropriate .
- Trustees do not attend shareholder annual meetings; no Trustees attended the 2024 meeting—an engagement optics concern for some investors, though common in fund complexes .
-
Additional governance context:
- Mr. Platt is elected by preferred shareholders (class vote), which may align his oversight focus with preferred holder interests; common shareholders elect remaining Trustees .
- Compensation is modest and cash‑only (no equity/option awards), limiting pay‑for‑performance alignment but consistent with industry practice for registered funds .
Shareholder voting outcomes (2025): Re‑election of other Trustees confirmed; Mr. Platt continues to serve (not up for election in 2025) .